Financial statements and cash-basis financial statements
Discuss the differences between accrual-basis financial statements and cash-basis financial statements. Determine which provides more useful information and the reasons it is more useful.
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Brown cow dairy uses the aging approach to estimate Bad Debt expense. The balance of each account receivables is aged on the basis of three time periods as follows; 1) 1-30 days old, $12,000; 2) 31-90 days old, $5000; and 3) more than 90 days old.
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Innovative Tech Inc. uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During Nov. 2010, ITI sold services on account for $100,000.
Sarita Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $67,000. The machine's useful life is estimated at 10 years, or 420,000 units of product, with a $4,000 salvage value.
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In early January 2009, Sanchez Builders purchases equipment for $102,000 to use in operating activities for the next five years. It estimates the equipment's salvage value at $21,000.
What was the total standard cost of the materials used during August?How many yards of material are required at standard per kit?
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